Latest comments from CryptoQuant analyst, Burak Kesmeci a report It revealed a significant rise in Bitcoin accumulator addresses, which have now exceeded 2.9 million BTC.
These addresses have steadily increased their holdings without selling despite market uncertainty, doubling their Bitcoin reserves in just 10 months.
This trend highlights broader market sentiment, as long-term investors, both retail and institutional, show confidence in Bitcoin’s future.
Bitcoin Accumulation Rise in 2024
In the post uploaded to the CryptoQuant QuickTake platform, Kesmeci’s analysis delves into what defines these accumulation addresses and why they have been so active throughout 2024.
Contrary to typical investor behavior, the analyst stated that these addresses never had an outflow of Bitcoin, meaning they were just accumulating. The analyst describes them as an example of long-term investment strategies, suggesting that they are fully committed to a “HODL” mentality. Al-Kasmaji wrote:
They are not exchange addresses; They belong entirely to individual or institutional investors. They have made at least two transfers and have been active at least once in the past seven years. Basically, these titles are the living embodiment of the word “hodl”.
As of January 2024, these accumulation addresses held 1.5 million Bitcoin. However, in just 10 months, this number has almost doubled, reaching 2.9 million BTC.
Kesmeci points out that this accumulation behavior is not new, but what makes 2024 unique is the speed and volume at which these addresses are growing.
According to the report, this continued accumulation of such high amounts means that short-term market fluctuations do not affect these holders. Kesmeci also highlights that in 2018, accumulator addresses held only 100,000 BTC.
By the 2021 bull market, that number had risen to 700,000, and in 2024, the acceleration is noteworthy. This rapid accumulation indicates that these addresses are highly confident in the long-term value and potential of Bitcoin. Kashmaji asks: “What do these title owners know that the rest of the market doesn’t know?”
What does this mean for the market?
The analyst concluded with a bold prediction: By the end of 2024, these addresses could hold more than 3 million bitcoins, potentially worth more than $210 billion at a bitcoin price of $70,000.
Notably, according to a CryptoQuant analyst, this would put the total value held in these addresses higher than major companies like “General Electric ranked 61st by market capitalization,” highlighting the growing influence and power of long-term bitcoin holders.
Kesmeci asserts that this type of accumulation can occur Great effect Bitcoin price stability and future growth. If this trend continues, the market may see a decrease in selling pressure as these large shareholders remain committed to their positions, which could lead to a continued rise in prices over the long term.
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